EVERSENDAI (FV RM2.21 – SUBSCRIBE) IPO Note: Solid As Steel Eversendai, an integrated structural steel specialist will be making its Main Market debut on 1 July. We remain positive on its strong Middle East presence driven by the 2012 World Cup, developments at Abu Dhabi and accelerated spending in Saudi. We also see Eversendai having some potential with the 2 recently awarded power plant expansions. We project core earnings to grow at 43% for FY11 before tapering to 10- 12% for FY12-13. Our RM2.21 FV is based on 13.4x mid CY12 earnings.
Eversendai IPO
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